India Agrochemical market is Expected to Grow by 14.5% in next 5 years with New Technical and Formulants Pesticides Registrations: Ken Research

India Agrochemical market is Expected to Grow by 14.5% in next 5 years with New Technical and Formulants Pesticides Registrations: Ken Research
Highlights

There are nearly 125 technical grade manufacturers, about 800 formulators and more than 145,000 distributors involved in the chain.

There are nearly 125 technical grade manufacturers, about 800 formulators and more than 145,000 distributors involved in the chain.

New Delhi: The Pesticide Industry in India is growing rapidly and is marked by presence of a large number of unorganized players. However, there are several organized players in the Indian market such as Bayer Crop Science, UPL, Excel Crop Care Limited and others which have succeeded in capturing a significant share on account of their remarkable business strategies and marketing efforts to reach their target audience. The major reason behind their success is their tremendous sales force, quick delivery of their products and innovative technology owing to the time and money they spend on R&D.

The pesticides market has been significantly projected to grow in the next five years, reaching revenue worth INR 484.0 billion by FY’2020. This growth performance has been primarily anticipated on account of increased awareness amongst Indian farmers, rising product innovation and declining prices of pesticides. The market for pesticides in short run is likely to be influenced by research and development activities being carried out in companies, emergence of new and innovative pesticides as well as by declining prices due to augmenting competition in the market.

Indian crop protection industry is capital intensive and a highly regulated industry. The industry has been mainly composed of technical grade manufacturers and formulators. The technical grade producers usually sell premium quality chemicals in the bulk to the formulators, who then prepare formulations by mixing the carriers, solvents, surface active agents and other relevant compounds. There are nearly 125 technical grade manufacturers, about 800 formulators and more than 145,000 distributors involved in the chain.

“According to Research Analyst at Ken Research, the players need to place increased focus on delivering quality products and should invest greater amount in research and development in order to produce innovative and productivity enhancing pesticides. At Government level, proper Redressal system, revision in old structures and mandatory checking of spurious pesticides is need of an hour. The industry, however, is expected to face major challenges in terms of unpredictable weather which may affect the pest occurrences in the short term”.

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